The present invention is directed to a retention system which will retain dive accessories, such as diver lights, slates, knives, etc. in ready proximity to the user (diver). Conventional retention systems of this type generally include a lanyard which at one end is looped to connect the lanyard to the wrist of the diver or associated dive gear, such as a dive belt. An opposite end of the lanyard can be directly connected to a dive accessory, such as a dive light, dive computer, compass board or the like. The lanyard may also be provided with a releasable connector between its ends. A conventional retention system of this type offers little flexibility, is particularly inconvenient when used as a wrist lanyard, and is highly susceptible to loss.